DRGDF – Detour Gold (Last:34.36)

Detour Gold is a Chuck Cohen pick that I aired in the chat room in the summer of 2009, when it was trading for around $8.80  a share.  I had asked Chuck for the name of a stock with speculative potential for my 90-year-old mother’s portfolio.  This one absolutely had to be a winner, since my mother, a stock-picker of local legend, had shunned my advice since the mid-1970s.  At the time, I recommended that she do a covered write against some Loews Corp stock she’d held since the 1960s.  Loews shares hadn’t budged in years, but naturally they skyrocketed after she did the covered write. Her shares subsequently got called away and the stock went to the moon.  Fast-forward 35 years. Having quadrupled her investment in Detour (which, ironically, was held in Loews’ corporate portfolio), I can only hope I’ve redeemed myself.  For the record, she’ll be selling half of her position on the opening, plus some Goldcorp stock acquired for around $35.  “No one ever went broke taking a profit,” is how I sold her on this plan.  That, and the fact that she has been carrying forward a long-term capital loss that will nicely offset the gain.